Pre-Market Report – Friday 9 August US Rallies Hard - ASX SPI up 81 - Results in Focus

Market Updates

Wall Street rallied overnight, ending near best levels after jobless claims fell more than expected, easing concerns that the labour market was weakening too quickly. The S&P 500 rose 2.30%, its biggest daily gain since November 2023. All major sectors finished the green, led by tech stocks, although pharmaceutical stock Eli Lily was the biggest winner, up 9.47% after raising its annual profit forecast. The NASDAQ Composite gained 2.87%, while the NASDAQ 100 rose 3.06%, buoyed by gains in the magnificent seven. The Dow traded higher all session, finishing up 683 points (+1.76%), up 745 points at best. Small firms Russell 2000 also gained 2.42%, and Wall Street's fear gauge, the VIX fell 14.58%. Initial jobless claims fell by 17k to 230k, below expectations of 240k, results were received positively by the market but remain significantly above this year's claim average, signalling a softening jobs market. Treasury yields ticked higher, the 10Y yield up 3.7bps and cryptocurrencies saw a surge, Bitcoin jumped 8.51%.

ASX to rally on the opening bell. SPI Futures up 81 points (+1.06%)
COMMODITIES

• Oil settles up for third straight day on US job data and Mideast tensions.
• Gold rises more than 1% on safe-haven demand, Fed rate-cut optimism.
• Copper steadies on China consumption, interest rate hopes.
• US refiners trim Q3 output amid weaker margins, plant overhauls.

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